Kazakhstan pilot CBDC on Corda platform

The National Bank of Kazakhstan (NBK) announced that it operates a digital credit bank (CBDC) or digital tenge using R3's Corda platform. NBK spoke of “company anonymity, confidentiality and traceability” and Corda's ability to keep rights open.

The campaign started in May and reached Kaspi Bank JSC and Eurasian Bank JSC, the largest companies in the country. This is the second report this year on digital systems that takes into account the use of CBDCs and their impact on finance and finance. In the two-tier CBDC model that NBK is investigating, the central bank oversees the entire process and small banks open digital tenge wallets to allow users to "trade, redeem, reverse digital tenge, and make bank transfers." .

Like cash, Tenge tokens are not listed on the bank balance sheet, but only on the user's digital wallet to ensure that Tenge transactions are different from bank payments.

According to the report, tokens can be set up so that only public places can distribute money, and personal expenses are also limited. The report hopes that digital tenge can provide additional financial support. The data also suggests that CBDCs should be available offline so people without internet access can use their currency, but he said a solution to avoid double use has yet to be developed. NBK plans to decide whether or not to launch Tenge digital in December after completing several experiments and research by July 2022.